Reverse Mortgage Loan Portfolio (Tables)

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Fair Value Option, Disclosures

The following table presents the total amount of loans held for investment that were greater than 90 days past due and on non-accrual status (in thousands):

	December 31, 2025						December 31, 2024
	UPB		Fair Value		Difference		UPB		Fair Value		Difference
Loans held for investment, subject to nonrecourse debt	$	—	$	—	$	—	$	32,067	$	19,362	$	(12,705)
Loans held for investment	7,019		6,142		(877)		222		155		(67)
Total	$	7,019	$	6,142	$	(877)	$	32,289	$	19,517	$	(12,772)

The following table presents the fair value and the UPB of these financial assets and liabilities (in thousands):

	December 31, 2025				December 31, 2024
	Fair Value		UPB		Fair Value		UPB
Assets
Loans held for investment, subject to HMBS related obligations	$	19,135,403	$	17,983,144	$	18,669,962	$	17,652,495
Loans held for investment, subject to nonrecourse debt	10,026,177		9,567,732		9,288,403		9,218,697
Loans held for investment	870,081		790,342		520,103		503,949
Other assets:
Loans held for sale	37,461		34,515		3,454		4,331
Liabilities
HMBS related obligations	18,912,226		17,983,144		18,444,370		17,652,495
Nonrecourse debt	9,736,493		9,960,524		8,954,068		9,363,919
Convertible Notes	53,800		40,000		—		—

The following table presents the composition and the outstanding UPB of the reverse mortgage loan portfolio serviced by the Company (in thousands):

	December 31, 2025		December 31, 2024
Loans held for investment, subject to HMBS related obligations	$	17,983,144	$	17,652,495
Loans held for investment, subject to nonrecourse debt:
Non-agency reverse mortgages	8,887,778		8,567,792
Performing HECM buyouts	251,051		210,041
Nonperforming HECM buyouts	428,903		408,614
Total loans held for investment, subject to nonrecourse debt	9,567,732		9,186,447
Loans held for investment:
Non-agency reverse mortgages	614,515		270,956
HECM loans not securitized(1)	103,825		101,100
Unpoolable HECM loans(2)	64,983		131,671
Total loans held for investment(3)	783,323		503,727
Other assets:
Loans held for sale(3)	32,761		—
Total owned loan portfolio	28,366,960		27,342,669
Loans reclassified as government guaranteed receivable	50,922		45,773
Loans serviced for others	590,192		88,125
Total serviced loan portfolio	$	29,008,074	$	27,476,567

(1) HECM loans not securitized primarily represent newly originated loans and poolable tails.

(2) Unpoolable HECM loans primarily represent loans that have reached 98% of their MCA.

(3) As of December 31, 2025 and 2024, there was $753.2 million and $451.3 million, respectively, in UPB in loans pledged as collateral for financing lines of credit.

The following table presents our owned loan portfolio by mortgage rate type (in thousands):

	December 31, 2025		December 31, 2024
Adjustable rate loans	$	20,662,839	$	19,966,185
Fixed rate loans	7,704,121		7,376,484
Total owned loan portfolio	$	28,366,960	$	27,342,669